May 19, 2018 By Christian Murray
A Queens Boulevard property marketed for its development potential is changing hands for $9.9 million, according to a press release issued by the real estate brokerage firm Cushman & Wakefield.
The brokerage firm said Friday that it had arranged the sale of 43-10/24 Queens Blvd—a property that incorporates about half the block on the south side of the boulevard between 43rd and 44th Streets. Eight stores occupy the space—including Amazon Pharmacy, Dave’s Bagels, Riko and Taiyo Food.
The property has been owned by Geoffrey Henderson, the president of Manhattan-based Henderson Holding Corp., since January 2015. That company purchased the one-story building for $7.28 million. The new buyer has not been named and the transaction has yet to close.
The stores currently occupy 8,500 square feet. However, an owner can develop a 43,700 square foot mixed-use building, according to Cushman & Wakefield.
The property was marketed for its development potential. “The majority of the existing tenants have short-term leases and/or demolition clauses,” Cushman & Wakefield wrote in its release.
“The buyer acquired an exceptional opportunity to benefit from existing cash flow along with the potential for future redevelopment,” said Tom Donovan, a vice president of the brokerage firm, in a statement.
“They recognized that Sunnyside is a great investment as the success of Long Island City has been spilling over into the neighborhood,” Donovan added.